Markets
US Futures Mixed Ahead of Fed Decision as SK Hynix Results Lift Chip Stocks
Image: analogicus via Pixabay
Nasdaq futures gain and Dow futures slip as Korea's Kospi jumps 5.6%, with the Fed at 2 p.m. ET and Microsoft and Alphabet after the bell.
By Emmanuel Cruz ·
U.S. stock index futures pointed in different directions early Wednesday, with technology shares drawing support from a record quarter at South Korean memory maker SK Hynix while investors held back ahead of the Federal Reserve's policy decision and quarterly reports from Microsoft and Alphabet [1].
As of 4:53 a.m. ET, Nasdaq 100 E-minis were up 122 points, or 0.41%, S&P 500 E-minis were up 7.25 points, or 0.1%, and Dow E-minis were down 88 points, or 0.17% [1]. The Nasdaq has gained about 2% this week after a weak first half of October, with sentiment improving after Anthropic made its U.S. IPO filing public on Monday [1]. On Tuesday, the S&P 500 rose 0.6% to finish within 1.2% of its all-time high, the Nasdaq Composite climbed 1.2% and the Dow edged up less than 0.1% [2].
Asia led the overnight move. South Korea's Kospi surged 5.6% to 5,952.41 in early trading as SK Hynix rose 7% after reporting a record quarterly operating profit of 83.3 trillion won ($62.8 billion), and Samsung Electronics gained 8.5% ahead of its own results on Thursday [2]. Japan's Nikkei 225 added 1.3% to 64,094.51, Taiwan's Taiex rose 1.8% and the Shanghai Composite gained 0.5%, while Hong Kong's Hang Seng slipped 0.7% [2]. The Reserve Bank of New Zealand left its benchmark rate unchanged at 2.75% [2].
Europe was more subdued. The pan-European STOXX 600 was down 0.16% at 642.64 points as of 08:11 GMT, with higher oil prices weighing on risk appetite [3]. Deutsche Bank rose 3.5% after its third-quarter profit beat analyst estimates, while Santander fell 2.9% after its results and pulled Spain's bank-heavy benchmark down 1% [3]. The European Central Bank announces its own rate decision on Thursday [3].
In U.S. premarket trading, Micron Technology rose 4%, Western Digital gained 4.5% and Nvidia added 0.8%, while Seagate Technology fell 3.7% after its quarterly results [1]. Alphabet rose 1.2% following a media report that OpenAI plans to buy Google's AI chips, and Robinhood Markets dropped 8% after missing third-quarter profit estimates [1].
The main event is the Fed's rate decision at 2 p.m. ET, followed by Chair Kevin Warsh's press conference [4]. Consensus leans toward a pause after last month's hike, and LSEG data show traders pricing at least three more 25-basis-point increases by late 2027 [1]. In September, the Fed raised its target range for the federal funds rate by a quarter point to 3.75% to 4.00% in a unanimous vote, saying inflation "remains elevated" [5]. Higher energy costs tied to the Middle East conflict have kept price pressures high [1].
Other markets were mixed in early Wednesday trading. The 10-year Treasury yield stood near 4.99%, U.S. crude futures traded around $101 a barrel after an attack on a Saudi Arabian refinery revived supply concerns, and bitcoin was up about 2% near $81,360 [4].
Why it matters: investors face a decision from a central bank that raised rates only last month and results from two of the market's largest companies on the same day. Signals on future rate moves from the Fed and on AI spending from Microsoft and Alphabet could set the direction for technology stocks, which have led the market's recent rebound [1].
What to watch next: the September advance goods trade balance, which economists expect to show a deficit of $130.5 billion, and wholesale inventories are due before the open [4]. GE Vernova, Biogen and Boston Scientific report before the bell, and Microsoft and Alphabet report after the close, with investors focused on cloud growth and capital spending plans [1]. The September personal consumption expenditures price index, the Fed's preferred inflation gauge, is due Thursday, and Amazon and Intel report later in the week [1].
Sources:
[1] Reuters via SRN News, "Nasdaq futures rise as SK Hynix boosts chips before Fed decision, earnings", October 28, 2026. https://srnnews.com/nasdaq-futures-rise-as-sk-hynix-boosts-chips-before-fed-decision-earnings/
[2] Associated Press via WSLS, "Asian stocks rise after a rally on Wall Street, while oil prices edge higher", October 28, 2026. https://www.wsls.com/business/2026/10/28/asian-stocks-rise-after-a-rally-on-wall-street-while-oil-prices-edge-higher/
[3] Reuters via Global Banking & Finance Review, "STOXX 600 inches lower as investors sift through earnings, higher oil prices", October 28, 2026. https://www.globalbankingandfinance.com/stoxx-600-inches-lower-investors-sift-through-earnings/
[4] Yahoo Finance, "Stock market today: Dow futures fall, S&P 500 and Nasdaq futures climb ahead of Fed decision, Big Tech earnings", October 28, 2026. https://finance.yahoo.com/markets/live/stock-market-today-wednesday-october-28-dow-sp-500-nasdaq-fed-meeting-decision-080642111.html
[5] Federal Reserve Board, "For release at 2:00 p.m. EDT September 16, 2026", September 16, 2026. https://www.federalreserve.gov/monetarypolicy/files/monetary20260916a1.pdf
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.